Employment in IFSC up for first time since 2007

EMPLOYMENT IN the International Financial Services Centre increased last year for the first time in three years, a survey conducted by Finance Dublin magazine has found.

The annual Finance Dublin Employment Survey of 450 businesses shows that employment in the IFSC rose by a net 69 jobs in 2010 compared with 2009, taking the total to 24,761.

This compares with peak employment of 25,057 at the end of 2007, it said.

Finance Dublin said the survey suggested there were many green shoots throughout the IFSC, with more than 100 companies increasing staff, particularly in the funds and insurance sectors.

Even some segments of the badly hit banking and credit sectors have shown signs of life, with some expansion in credit management activities, international banking and shared services.

Overall, however, the IFSC’s credit sector is contracting, reflecting domestic difficulties.

Finance Dublin said there was little evidence of a major drop in business as a result of reputational damage from the collapse of Ireland’s public finances and EU-IMF finance package.

“At the margin there is little doubt that the potential for further damage remains,” it cautioned, however.

The magazine also highlighted the success of “boutique” operations in funds and fund administration such as Avoca Capital, Centaur, Quintillion and Apex, as well as aviation finance start-up Avolon.